CLARITY Act Rejected: Ripple and MicroStrategy Say Status Quo Remains Unchanged for XRP and Bitcoin

Ripple and MicroStrategy say the Senate's rejection of the CLARITY Act has no impact on XRP or Bitcoin.

The bill, which aimed to set federal law for cryptocurrency market rules in the US, was blocked by a 50-49 vote. However, Ripple's chief legal officer Stuart Alderoty points out that two previous court rulings have already established the status of XRP and Bitcoin in the US.

In 2023, a federal court ruled that XRP sales on exchanges are not securities deals, but Ripples sales to institutions did break securities law. This year, the SEC and CFTC listed XRP among 16 digital commodities. MicroStrategy makes a similar case for Bitcoin, stating that it has had legal and regulatory clarity in the US for years.